Quote from: logan16j on September 18, 2018, 10:12:36 AM

Quote from: ulhaq on August 28, 2018, 07:29:55 PM

in the future, will there really be a need for fiat currency? Government can collect taxes in crypto, determine how to allocate it, and spend it in crypto. Ppl can receive salaries and do all commerce using crypto. Loans can be done in crypto. Fundraising can be in crypto. Sure, problems have to be worked out in terms of scalability, does it have to be completely decentralized, etc, the value has to become more stable. But theoretically, is there any reason to have fiat in the future?

It has been established that governments can now do taxation without representation by printing more money (which is a tax on everyone holding the currency), instead of trying to get a bill passed that allows it to increase the tax rate. With crypto this would be no more. All increased taxation would have to pass a vote.

From an economic standpoint, the idea that a country can stimulate its economy by adjusting interest rates is tenuous. There is just as strong an argument that lowering interest rates has caused speculation and bubbles, with calamitous results. In a crypto market economy, capital will flow from where it is needed less to where it is needed more.

Fiat coins are absolutely necessary, for example if you spend with bitcoin and its value changes hourly, it is totally unreasonable. A fiat currency supported by the government is needed at the present time

Economy doesnt depend only on fiat currency. There are many factors which affect economy of a country. Anyway I want to tell that fiat currency is very important for businessmen especially small businessmen. They mostly use fiat currency. The difference is this that fiat currency is not used by ordinary people and cryptocurrency is used by everyone and in the future crypto will take place of fiat also.